SMM May 7 Shanghai Nickel spot Newsletter

SMM, May 7:

Today, SMM1 electrolytic nickel quoted 101400-103000 yuan / ton, Russian nickel spot Shanghai nickel 2006 contract to post 50 yuan / ton to Pingshui, Jinchuan nickel due to yesterday's low price outflow, today's Shanghai nickel 2006 contract rose 1200-1300 yuan / ton. After the Shanghai nickel rush high yesterday, today's high shock, downstream fear of high wait-and-see, the current inquiry is weaker, the morning market transaction is relatively light. Some in the market are of the view that the reduction of the discount rate will not improve the transaction, so the willingness to reduce prices is relatively low. Today, the ex-factory price in Jinchuan Shanghai area is 103200 yuan / ton, and the goods can only be picked up in Jinchang area. Nickel beans to Shanghai Nickel 2006 contract reported 700 yuan / ton.

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